New single-family home sales set a new record in March with a 12.2% m/m jump to 1.431M following the upwardly revised 8.2% increase in February. Consensus estimates had been for sales of 1.190M.

Last month's sales gain was led by a 21.9% jump in the Midwest (13.6% y/y) and a 13.8% (18.6% y/y) rise in the South. Sales in the West also rose 9.9% (5.0% y/y) but in the Northeast sales fell 8.9% (+1.2% y/y) after a jump one third higher in February.

The median price of a new single family home gave back all of the prior month's gain and fell 9.3% to $212,300 (+1.3% y/y).

The figures from the Census Department reflect homes sold.

The cost of business cycles and the benefits of stabilization from the Federal Reserve Bank of Chicago is available here.